Solar Panel Cost Guide in Lyman, SC (Mar 2023)
- Lyman Solar Installation Cost: $15,384
- 25-Year Savings: $30,030
- Payback Period: 8.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lyman
Here's how much it might cost to go solar in Lyman.
The average cost of solar panels in Lyman is 2.72 per watt. The average solar panel system size in Lyman is around 8.1 kilowatts, meaning a cost of about $15,384 for a solar installation, or $21,999 before the 30% federal solar tax credit is applied.
These figures are just averages, and your own solar costs may differ based on your specific situation and what company you want to go with. For many homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $21,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Lyman for a quote for your home.
Solar savings over time in Lyman
| Year | Return on Investment |
|---|---|
| 1 years | $-13,568 |
| 3 years | $-9,935 |
| 5 years | $-6,301 |
| 7 years | $-2,668 |
| 9 years | $965 |
| 11 years | $4,598 |
| 13 years | $8,231 |
| 15 years | $11,864 |
| 17 years | $15,498 |
| 19 years | $19,131 |
| 21 years | $22,764 |
| 23 years | $26,397 |
| 25 years | $30,030 |
Top Solar Installers in Lyman
Many homeowners opt for a solar installation company since trying to install solar panels by yourself can be a lot of work. The expertise that solar companies provide can be invaluable as well, particularly if you don't quite know what brand of solar equipment you need.
If you'd like to switch to solar energy but still aren't certain which solar system installer to go with, here are our suggestions for providers nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
See all of the solar companies in Lyman
Factors that Affect Solar Panel Costs in Lyman
For many Lyman homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Lyman, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,720. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Lyman to be too steep, even if the investment pays off over time. Fortunately, nearly every solar company in the area offers financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in paying more over time because of interest. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Lyman is the company you hire to install your PV system. Similar to choosing a company to build a deck or pool, for instance, there are plenty of solar installers that offer a range of services at different price points. Larger national companies generally have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.83 | $11,881 | $21,847 | 8.8 years |
| 8 kW | $2.77 | $15,537 | $29,433 | 8.6 years |
| 10 kW | $2.72 | $19,040 | $37,172 | 8.5 years |
| 12 kW | $2.67 | $22,391 | $45,064 | 8.3 years |
| 14 kW | $2.61 | $25,590 | $53,108 | 8.1 years |
| 16 kW | $2.56 | $28,636 | $61,304 | 8.0 years |
| 18 kW | $2.50 | $31,530 | $69,652 | 7.8 years |
| 20 kW | $2.45 | $34,272 | $78,153 | 7.6 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Contract: Review the contract terms thoroughly to make sure you understand the total cost, project completion timeline incentives and warranties.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running for a long time and save you money on repairs and maintenance.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Lyman, SC Solar Cost FAQs
What is the average cost of installing solar panels in Lyman?
The average cost of solar panels in Lyman is about $13,600 for a 5-kW system and $27,200 for a 10-kW system before the ITC, but the real cost will depend on things like the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Lyman?
A solar panel system isn't free in Lyman, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is it worth going solar in Lyman?
Solar panels can be a beneficial investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.